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Last year, many retail chains including Asda and John Lewis complained that the heavy discounting associated with Black Friday cuts into profits at a time when trade is just beginning to warm up and when shops should be selling at full price.

This year the strain on profit margins looks set to be far worse. Many retailers are struggling to swallow the effects of a weakening pound as they are paying in dollars for goods imported from the Far East.

Chris Harle at PCA Predict, which helps retailers to process orders, prepared the figures for The Mail on Sunday. He said: ‘Black Friday in America is the day after Thanksgiving so it is their equivalent of Boxing Day. Over here, that is one month too early to be heavy discounting.

Sainsbury’s chief executive Mike Coupe said Black Friday was not particularly important

‘There’s no doubt it is the customer who benefits from this event. For shop owners the horse has now bolted. Retailers would love to put it back in the stable, but they would have to be very brave to resist what is coming.’

Last year’s Black Friday accounted for £1billion in sales with £3.3billion spent over the four-day period which includes ‘Cyber Monday’ – three days after Black Friday.

Sainsbury’s chief executive Mike Coupe said Black Friday was not particularly important for his supermarket chain, which is busiest the week before Christmas, but he said it would be ‘massive’ for Argos, the general merchandise chain which his grocery business bought for £1.4billion in April.

Another senior retailer who operates on the high street and online said: ‘We’ve all got to participate. What else can we do?’

Black Friday is an American idea imported in 2013 and aimed at generating sales before shoppers turn their minds to Christmas.

It is popular with retailers selling electronics but it is not so good for fashion.

Harle said shoppers are buying cold weather clothing fast and it is ‘insane’ to discount.